BUSINESS
Too early to discuss LTIMindtree’s CEO succession plan, says L&T’s AM Naik
LTIMindtree's chairman emeritus Naik has shared that the conglomerate would start to look for a successor to CEO Debashis Chatterjee only six to nine months before his term ends.
BUSINESS
LTIMindtree, LTTS jointly announce $200 million Gen AI deal pipeline
Between the two companies, L&T Group has trained around 35,000-40,000 engineers in generative AI skills.
BUSINESS
Regulation on offshore crypto exchanges to drive volumes for Indian peers: Sumit Gupta of CoinDCX
Gupta’s comments follow the recent Rs 18.82 crore fine imposed on Binance by the Financial Intelligence Unit in India (FIU-IND), for not following local anti-money laundering laws while serving Indian users.
BUSINESS
CoinDCX introduces Web3 mode in app; will offer access to 50,000 tokens
With the Web3 mode, users will have access to emerging and pre-launch tokens from large and developing ecosystems such as Base, Solana, Binance Smart Chain, Polygon, and 10 more chains. The Web3 mode also facilitates easy access to Web3 with a straightforward INR on-ramp.
BUSINESS
Crypto players hail India opening door to Binance, hope to see healthy competition
On June 19, FIU-IND issued an order following compliance proceedings and investigation into Binance's operations in India for not adhering to local anti-money laundering regulations.
BUSINESS
Anand Chandrasekaran becomes top angel investor 3rd time in a row, Kunal Bahl a close second: Hurun India
Major soonicorns in his portfolio include SaaS Labs, MoEngage, Safe Security, and InVideo.
BUSINESS
25 startups drop out of Hurun India Future Unicorn Index in 2024
According to the list, this year there was a record drop in future unicorns from the list. Some of these include Dunzo, Koo, Gaana, Bizongo, Rapido, Practo, WayCool, Paper Boat, Dotpe, to name a few. Only three startups got promoted to unicorns including Zepto, Porter and InCred turned unicorns this year.
BUSINESS
Binance to pay FIU-IND Rs 18.82 crore fine to restart India operations
This comes months after nine offshore exchanges in India were blocked for not registering and following local anti-money laundering regulations under the Prevention of Money Laundering Act (PMLA) 2002.
BUSINESS
Mega telecom deals are making a comeback for IT sector, but is the vertical really recovering?
Over the past one and half years, top IT software exporters including TCS, Infosys, HCLTech and Wipro had reported several $500-million-plus deals from telecom companies.
BUSINESS
Nachiket Deshpande emerges as top contender for LTIMindtree CEO
He is tipped to succeed Debashis Chatterjee, the first CEO of the combined LTIMindtree post-merger, whose term ends in end of 2025. At present, Deshpande serves as the company’s chief operating officer (COO).
BUSINESS
Big Tech hiring shows signs of recovery in India, six months after hitting record low
In December 2023, FAAMNG companies’ active job openings in India had plunged to a record low of 200, compared to 8,000-12,000 openings seen on average in a good hiring season, data from Xpheno showed.
BUSINESS
Cognizant's bold $1.3-bn-Belcan bet a bid to up revenue as core business struggles
The acquisition is a crucial attempt to diversify Cognizant's portfolio, but it also highlights the difficulties the company faces in its traditional business
TECHNOLOGY
Gen AI PoCs will be scaling to production incrementally, won’t go from 10% adoption to 100% immediately, says TCS CTO Harrick Vin
To solve for high costs and quicker generative AI adoption, TCS has come up with TCS AI WisdomNext, a platform that aggregates multiple generative AI models in a single interface, as it lets users compare pricing and the kind of large language models required.
BUSINESS
Canon wants India business to lead in Asia, sets up new semiconductor equipment business
India will contribute 30% revenue to Asia (without Japan) by 2035, the company said.
TECHNOLOGY
Infosys recruited 11,900 college graduates in FY24, plunging 76% YoY
Infosys had recruited over 50,000 college graduates in FY23.
BUSINESS
Only 10% of the companies have moved to GenAI production amidst high costs of technology: BCG X's Sylvain Duranton
BCG remains bullish on companies increasing spends on experimenting with generative AI use cases in 2024.
BUSINESS
Silent layoffs grip Indian IT sector, impact over 20,000 employees
According to data shared by All India IT & ITeS Employees' Union, around 20,000 techies lost their jobs in ‘silent’ layoffs in calendar year 2023
BUSINESS
Homegrown generative AI platform Hanooman gears up for operating system launch
Vishnu Vardhan, co-founder of SML India, parent company of Hanooman, told Moneycontrol that beta testing for the OS is expected to be announced next month, with a potential rollout within three months.
TECHNOLOGY
TCS banks on responsible AI toolkit to support customers with regulatory concerns
This toolkit will ensure governance checks and data security right from the design level, as customers develop AI-enabled applications and solutions, a top company executive told Moneycontrol.
BUSINESS
IPO-bound Awfis’ Amit Ramani on the startup’s differentiated business model, demand for co-working spaces in India
Post the IPO, Awfis’ largest shareholders Peak XV’s stake will decline to 10-11 percent and ChryCapital’s holdings through its unit Bisque will go down to about 13-14 percent stake, Ramani said.
TECHNOLOGY
Over 81% of business leaders want ‘global’ regulations and standards for AI: TCS Report
The report also highlighted that over 86 percent of senior business leaders have already deployed AI to enhance existing revenue streams or create new ones.
BUSINESS
Mid-tier IT loses more ground than larger ones as vendor consolidation gains steam
Experts say that even as vendor consolidation deals are being lapped up by the larger companies, their mid-tier rivals have borne the brunt
BUSINESS
Crypto exchange Binance completes initial registration with FIU-IND, further compliance proceedings still on
While Binance’s penalty is yet to be decided, KuCoin which is fully registered has paid out Rs 34.5 lakhs in penalty and is now operational, said FIU-IND director Vivek Aggarwal.
BUSINESS
There is lack of support from Indian banking sector: KuCoin CEO Johnny Lyu
In an exclusive interview with Moneycontrol, KuCoin’s CEO Johnny Lyu gets candid about the company’s India ‘glocal’ strategy, challenges of operating an exchange in the country, strategic investment plans, localised payment solutions and more.
